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Connecticut homeowners who rely on heating oil are facing significantly higher costs as colder weather approaches, leaving some families deciding whether to fill their tanks now, lock in a price or wait in hopes that prices fall.
Heating oil is averaging about $5.61 a gallon, compared with about $3.19 a gallon at this time last year — an increase of roughly 75% according to data from state Department of Energy and Environmental Projection.
“These oil barrel prices are just too high,” Bloomfield homeowner Marcus Sutton said.
Sutton relies on an oil tank to heat his home during the colder months. He said rising costs are forcing him to make difficult choices elsewhere in his budget.
“I’ve got to cut back on my regular life just to be able to maintain with all the bills,” Sutton said.
“I’ve got to watch what I buy at the grocery store. I’ve got to watch how much I’m driving my car. Don’t want to spend too much gas.”
Other Connecticut residents are looking for ways to reduce how much heating oil they use.
“We use a pellet stove and we purchase about 4 tons of pellets a year,” Windsor Locks resident Valerie Mercey said.
Chris Herb, president of the Connecticut Energy Marketers Association, said the main reason for the increase is damage to oil refineries from the wars in Iran and Ukraine.
“Market volatility is what we’re dealing with every day in a very big way,” Herb said.
Herb said the volatility also means fewer oil suppliers are offering contracts that allow customers to lock in a price. He suggested families work directly with their suppliers to develop a heating oil budget that works for them.
“Work with your oil dealer to figure out what’s in your family’s best interest,” Herb said.
Scott Glanz, one of the owners of Top Tier Oil in Windsor Locks, said his company is trying to help customers navigate fluctuating prices.
“So if somebody called today and ordered oil today, and the prices drop tonight, we give them the lower of the price as the market fluctuates down,” Glanz said.
Families struggling with heating costs may also be able to get help through the state’s fuel assistance program or Generation Power CT, the private fuel bank formerly known as Operation Fuel.
Consumers can also use websites such as Cash Heating Oil to compare delivery options based on their ZIP code.
Herb said customers should work directly with local suppliers to find the best available deal and make sure they choose a reliable provider.
“Do it with someone who has insurance, who’s been reliable, someone who will come through,” Herb said.
For Sutton, stretching his heating oil supply means waiting as long as possible before turning on the heat. Once he does, he plans to keep his thermostat low.
“I’ve got to grab two blankets just to make sure, keep the heat at a certain temp,” Sutton said.
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